Kazakhstan Has Introduced “Digital Condominiums” — Here’s What They Are
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Kazakhstan has approved rules for digital condominiums, a new form of joint ownership for digital assets, Orda.kz reports. The relevant order took effect on July 12.
Despite the name, the concept has nothing to do with real estate. A digital condominium allows individuals or companies to jointly own, use and manage digital assets under agreed rules.
It can be established through a conventional agreement or a smart contract that automatically executes specified terms. The arrangement must identify the participants and assets and define the parties’ rights, obligations and management procedures.
All changes and transactions must be recorded digitally, including details of the participants, assets and time of each operation.
Participants may manage the condominium themselves or appoint a representative, who must notify the relevant state authority of its creation, modification or termination within five working days.
The rules do not specify which digital assets may be included. A digital condominium can be terminated by its participants, under the terms of its agreement or smart contract, by a court ruling or in other circumstances established by law.
Original author: Alexander Smolin
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